In an exciting development for the renewable energy sector, ACME Group, an Indian-based company, announced on Friday that it has successfully raised an impressive 40 billion rupees (approximately $487.98 million) in fresh funding from leading infrastructure finance firm REC (RECM.NS). The substantial investment is earmarked for the launch of ACME's groundbreaking green hydrogen and ammonia project in Oman.
According to a statement released by ACME Group, the initial phase of the project will be strategically established at the special economic zone in Duqm, Oman. This innovative facility is projected to produce an estimated 100,000 tons of green ammonia annually during its initial stage. As part of the ambitious expansion plans, the project aims to eventually reach a staggering 1.2 metric million tons per annum, bolstered by an impressive 3.5-gigawatt capacity of electrolyser.
ACME Group also revealed that it has inked preliminary agreements with REC, securing over 210 billion rupees in potential loans. This substantial financial support marks a major milestone in ACME's quest to spearhead green hydrogen and ammonia technology in the region.
The utilization of green hydrogen, a clean and sustainable energy source, has garnered significant attention in recent years as the world seeks innovative solutions to combat climate change. With its potential to reduce carbon emissions and create a cleaner energy landscape, ACME's project holds promise not only for Oman but also for the broader global community.
The collaboration between ACME Group and REC is poised to play a pivotal role in advancing renewable energy technologies, offering hope for a more sustainable and greener future. As the project gains momentum and moves into its first phase, the world eagerly awaits the tangible impact of this pioneering endeavor.
